CEO of newly approved bank aims at big four

CEO of newly approved bank aims at big four

Robert Bell, the chief executive of Australia’s newest bank, 86 400, is not interested in creating a “small, niche bank” but wants to create a proper competitor to the big four.

The digital bank became the third fintech this year to be granted an unrestricted banking licence by the Australian Prudential Regulation Authority.

APRA announced on Thursday it had granted 86 400 a licence to operate as an authorised deposit-taking institution (ADI). This means the digital bank will now be able to take unlimited customer deposits and meets the same regulatory requirements as any of the big four.

Mr Bell said he wanted to created a competitive alternative to the big banks.

“Neither Anthony [chairman Anthony Thomson] nor myself nor any of my colleagues have had any interest in building a small, niche bank,” he said on Thursday.

“We want to build a genuine alternative to the big four banks but that takes time.”

The next step for 86 400 is to get its smartphone app approved and made available to customers on Apple’s App Store and Google Play. It is hoped this process will be completed in weeks.

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Source: CEO of newly approved bank aims at big four